| I.  | Committing      Assignor hereby states that: |
|----------|----------------------------------------------|

|   | 1. | It      is a company incorporated pursuant to the General Law of Commercial      Corporations, as evidenced through public instrument number 34, dated June      17, 1987, granted before Mr. Oscar Villegas Rico, Notary Public Number 19      for Saltillo, State of Coahuila, Mexico. Such public instrument was      recorded with the Public Registry of Property and Commerce of Tepic, State      of Nayarit, Mexico, under entry number one, dated January 12,      1988. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | Its      representative has sufficient authority to enter into this Agreement on      its behalf, which authority has not been limited or revoked in any manner      whatsoever. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | He      is the legal owner of the following mining concessions on certain lots      located at the Municipality of Acaponeta, State of Nayarit,      Mexico: |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Lot                       |   | Title  |   | Surface in Hectares |
|---------------------------|--------|--------|--------|---------------------|
| San      Juan Fraccion I  |   | 205392 |   | 1371.7580           |
| San      Francisco Tres   |   | 203136 |   | 32.7243             |
| Isis                      |   | 214395 |   | 101.3390            |
| San      Miguel           |   | 224392 |   | 1178.0000           |
| San      Juan Fraccion II |   | 205393 |   | 0.8091              |
| San      Juan I           |   | 221365 |   | 45.6307             |

|   | 4. | The      Concessions are in effect and are recorded with the Public Registry of      Mining under the following entries: |
|--------|----|--------------------------------------------------------------------------------------------------------------------------|

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|   | 5. | The      Concessions are up to date in the payment of contributions and fees      derived therefrom, as evidenced through the receipts of payment attached      hereto as Exhibit      “B”. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6. | It      wishes to enter into this Agreement to grant Nayarit the right to carry      out mining exploration activities on the Land covered by the Concessions,      as well as to commit to assign in favor of Nayarit of the Concessions      through an assignment of rights, subject to the terms and conditions of      this Agreement. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| II.  | Nayarit,      through its representative statesthat: |
|-----------|------------------------------------------------------|

|   | 2. | Its      representative has sufficient authority to enter into this Agreement on      its behalf, which authority has not been limited or revoked in any manner      whatsoever. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | It      wishes to enter into this Agreement with Committing Assignor to receive      the right to carry out the mining exploration activities on the Land      covered by the Concessions, as well as to be entitled to acquire the      Concessions through assignment of rights, under the terms and conditions      of this Agreement. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.1 | Committing      Assignor hereby grants Nayarit the unlimited right to carry out mining      exploration activities on the Land covered by the Concessions, to which      effect Nayarit shall enjoy, as of the date of execution hereof, prior      negotiation by itself and at its own expense of the superficial rights of      the Land, unlimited access to carry out mining exploration activities,      including, without limitation, testing, drilling, perforation, excavation,      and all other activities related to mining  exploration. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 2.1 | The      effective term of the right of exploration granted by Committing Assignor      to Nayarit pursuant to this Agreements is of 2 years commencing as of the      date of execution hereof. However, Nayarit may early terminate this      Agreement without responsibility through written notice thereof. The      parties agree that in case of early termination, Nayarit shall not be      obligated to make the payments of money, shares and royalties described in      Clause 6, paragraph 6.1.1, 6.1.2 and 6.1.2 of this Agreement that were not      due upon early termination, nor shall Nayarit be obligated to continue its      investment obligation as described in paragraph 7.1 of Clause 7 of this      Agreement. Notwithstanding the foregoing and in the event that Nayarit      terminates this Agreement by means of a simple written notice addressed to      the “Committing Assignor”, Nayarit commits to pay to the owner of the      concession and the Committing Assignor the 20% (twenty per cent) of the      total of the remaining payments set forth in paragraph 6.1.1 of Clause 6,      the foregoing due to the obligation of Committing Assignor to comply with      the term herein stated. |
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| 3.1 | Committing      Assignor commits and unilaterally agrees in favor of Nayarit, to enter      into a definitive assignment of rights agreement on the Concessions      (hereinafter the “Definitive Assignment Agreement”), subject to the      compliance of each and all of the obligations of this Agreement, in order      to transfer title to the Concessions described in paragraph 2, of Recital      I of this instrument, in favor of Nayarit, pursuant to the terms and      conditions of this Agreement. The parties agree that the Assignment      Agreement shall be substantially under the terms of the form attached      hereto as Exhibit      “C”. |
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| 3.2 | Through      the Definitive Assignment Agreement, Committing Assignor shall transfer      title to the Concessions free from all liens and limitations of domain, in      compliance with all applicable laws and up to date in the payment of      rights and fees derived from the Concessions. Such transfer shall include      all rights derived from the Concessions, as well as all other rights, uses      and privileges that are inherent to the Concessions, except for the      obligations to be bound on Nayarit; such as the payment of the concession      mining fees and the compliance of the obligations derived from the      environmental laws, same that Nayarit will comply with once the Definitive      Assignment Agreement is executed. |
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| 4.1 | The      unilateral promise to transfer the Concession in favor of the Committing      Assignor shall be in effect, and therefore, Nayarit shall be entitled to      exercise its option to acquire the Concessions, at any time as of the date      of execution hereof, provided that its obligations derived from Clause 6      have been complied, and until 90 (ninety) calendar days after the date of      expiration of the effective term of the exploration rights granted through      this Agreement, exercisable through written notice to be delivered by      Nayarit to Committing Assignor. In that event, the assignment of the      Concessions shall take place within 10 days following the date of the      notice to which effect the Committing Assignor shall execute the      Definitive Assignment Agreement and, shall sign and carry out all other      document and formality that may be needed in order to assign the      Concessions in favor of Nayarit, without limitation, the registration of      the Definitive Assignment Agreement with the Public Registry of      Mining. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 5.1 | Committing      Assignor shall not transfer, assign or grant any lien its title to the      Concessions to any third party during the term of its promise to transfer      them as provided for in Clause 4 hereof. Also, during such term,      Committing Assignor shall refrain from carrying out any act that might      adversely affect title to the Concessions and the rights of Nayarit agreed      under this Agreement. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2 | Committing      Assignor states that it is willing to cooperate with Nayarit, whenever      possible and provided that it does not imply any monetary expenses, to      carry out all act, formality or procurement needed or which may be      convenient in order to have the owners and/or possessors of the      superficial Land, granting the necessary access for the exploration and      exploitation activities of Nayarit and for the performance of its mining      operations, as the case may be, once Nayarit exercises its option to      acquire the Concessions, in the understanding that the foregoing does not      imply an obligation to the CommittingAssignor. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.3 | During      the term of the promise to transfer the Concessions by Committing      Assignor, Nayarit shall be entitled to carry out an audit and due      diligence regarding the Concessions and any other documentation, receipts      of payment and registration and certifications related to the Concessions      and the Land covered thereby. To such effect, Committing Assignor shall      provide Nayarit with all receipts of payment, Concessions titles,      registrations and other documents pertaining to the Concessions and the      lots covered thereby, and to give access to Nayarit to such documents to      allow Nayarit the performance of its due diligence activities. Committing      Assignor also agrees to cooperate in good faith and to provide Nayarit all      information and documents that it has and that are reasonably necessary to      allow Nayarit the performance of duediligence. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.1 | As      consideration for the assignment of the Concessions in favor of Nayarit,      as provided for in this Agreement, Nayarit shall pay Committing Assignor      at the domicile located in Boulevard Venustiano Carranza number 8910, of      the City of Saltillo, Coahuila, or by means of wire transfer to the bank      account that the Committing Assignor determines, the      following: |
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| 6.1.1 | USD$500,000.00      dollars upon execution of this Agreement, and subsequent payments of      USD$500,000.00 dollars every six months as of the sixth month following to      execution of this Agreement, to reach a total amount of USD$2,500,000.00      Dollars. Nayarit will have an additional term of 10 (ten) calendar days      without liability following the termination of said six-month period to      provide the corresponding payment; however, the parties agree that such      additional term may be extended up to 30 (thirty) calendar days, provided      that Nayarit notifies in advance to Committing Assignor about the      circumstances preventing the payment. In the event that Nayarit does not      pay within the 30 (thirty) days mentioned before, this Agreement will be      automatically rescinded. |
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| 6.1.2 | Three      million five hundred thousand common shares tradable through the TSX      Venture Exchange under the symbol  ̈NYG ̈, of the entity Nayarit Gold Inc.      issued upon the effectiveness of this Agreement, with the option to go up      to four million; provided that Committing Assignor waives in writing its      right to receive the last payment of USD$500,000.00 dollars set forth in      paragraph 6.1.1 with at least 30 (thirty) days previous to the date of      such last payment. In such regard, Nayarit agrees to deliver to Commitment      Assignor, upon the initiation of the effectiveness of this Agreement, the      amount of 500,000 (five hundred thousand) shares. Thereafter, every six      months and on each of the payment dates stated in paragraph 6.1.1 above,      Nayarit agrees to deliver to Commitment Assignor the amount of 750,000      (seven hundred and fifty thousand) shares until complete the total amount      of 3’500,000 (three million five hundred thousand) shares. In the event      that Committing Assignor choose to receive the 500,000 (five hundred      thousand) shares stated at the beginning of this paragraph, waving      consequently its right to receive the last payment of USD$500,000.00      dollars, on such payment date Nayarit shall deliver to the Committing      Assignor the amount of 1’250,000 (one million two hundred and fifty      thousand) shares, which will include the 750,000 (seven hundred and fifty      thousand) shares that on such date must be delivered, in accordance to the      provisions set forth by the TSX Venture  Exchange. |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.1.3 | 3%      Net Smelter Royalty, which percentage may be acquired by Nayarit, or by      Nayarit Gold Inc., through the payment in cash of USD$3,000,000.00      dollars, option that may be exercised as of the effectiveness of this      Agreement and up to 5 (five) years following the initiation of such      effectiveness. |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.1 | Nayarit      shall invest at least USD$3,000,000.00 dollars in expenses that have to be      accountable justified in direct works for works of exploration activities      on the Land covered by the Concessions, during a term of 2 years as of the      date of execution hereof, expenses that have to be reflected in detail by      Nayarit in the reports to be delivered to Committing Assignor every six      months at the domicile stated in the precedent clause for its knowledge      and verification as of the first six months following the date of      execution hereof. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.2 | During      the term of this Agreement, Nayarit shall also present technical written      reports every six months, indicating to Committing Assignor the status,      and the progress of its exploration mining project on the lots covered by      the Concessions. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.3 | As      of execution hereof, Nayarit shall make on time, on behalf of Committing      Assignor, the payments of all the taxes and fees derived from the      Concessions payable pursuant to the applicable laws, in the understanding      that the lack of payment of the taxes and fees mentioned before will imply      that Nayarit will have to pay for any fines, charges, interests and other      assessments that may be assessed by the competent authorities in case of      untimely or inaccurate payment. The amounts paid by Nayarit, as set forth      in this paragraph, shall be considered as part of the investment amounts      specified in paragraph 7.1 above. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 8.1 | The      parties agree that in the event of default of any of the obligations of      the parties in this Agreement (each a “Default”), the      non-defaulting party shall notify the defaulting party, in writing, the      basis for the Default. The defaulting party shall have a term of 10 days      to cure the Default. Once the 10-day term to cure the Default has      elapse, the non-defaulting partymay: |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.1.1  | Extend      the term to comply in favor of the defaulting party;  or |
|-------------|----------------------------------------------------------------------|

| 8.1.2 | Demand      the enforcement of this Agreement;or |
|-------|--------------------------------------------------|

| 8.1.3 | Rescind      this Agreement without need of judicial intervention, through written      notice to the defaulting party, in which event the party rescinding the      Agreement shall have the right to receive an indemnification for damages      derived from the default of the otherparty. |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.1 | This      Agreement shall be subject to the following precedent conditions, all of      which should be met by the 30th day following the date of execution      hereof: |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.1.1  | That      Committing Assignor is the legal owner of the  Concessions. |
|-------------|-----------------------------------------------------------------------|

| 9.1.2 | That      the Concessions were validly issued by the competent authorities and are      in effect and duly recorded with the corresponding instances, including      the Public Registry of Mining. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.1.3 | That      Committing Assignor is up to date in the payment of fees, taxes and all      other contributions derived from the  Concessions. |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------|

| 9.1.4 | That      the Concessions are free from liens and limitations of    domain. |
|-------|-----------------------------------------------------------------------------|

| 9.1.5 | That      Nayarit obtains authorization from the TSX Venture Exchange for the      execution of this Agreement. |
|-------|-----------------------------------------------------------------------------------------------------------------|

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| 10.1 | Nayarit      shall have at its expense, the right to record this Agreement with the      Public Registry of Mining, in which event Committing Assignor shall appear      before the Notary Public designated by both parties to carry out the      formalities needed to have this Agreement duly recorded with such      registry. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2 | Each      party shall be responsible for the payment of its own taxes and expenses      derived from the negotiation, execution, formalization and registration of      this Agreement, including without limitation attorneys’ and consultants’      fees. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.3 | The      parties agree that all notices and any other communication required or      allowed hereunder shall be made in writing and shall be considered as duly      served if delivered in hand, or on the third day if sent through pre-paid      certified or registered mail, receipt requested, or on the next day if      sent through next-day delivery nationwide courier service which keeps      record of the time place and name of recipient of the items delivered, or      after receipt of confirmation of the transmission if sent by telecopy of      facsimile, and in each case, if addressed to the following      addresses: |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.4 | The      documents attached herewith are an integral part hereof and are initialed      by the parties as evidence ofagreement. |
|------|---------------------------------------------------------------------------------------------------------------------------------|

| 10.5 | The      subtitles or headings that appear in this Agreement are established for      convenience and reference only. In the event that there may be a conflict      related to the interpretation of the contents of the Clauses, Sections or      Subsections and the subtitles and headings, the literal sense of the      contents of the Clauses, Sections or Subsections shall      prevail. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 10.6 | This      Agreement contains the entire understanding between the parties with      respect to the matters contemplated herein and to that extent terminates      and supersedes all previous agreements, whether written or oral, relating      to the same subject matter. Any amendment to this Agreement, in order to      be legally effective, shall be carried out in written form and must be      signed by all parties herein. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.7 | This      Agreement shall be binding and inure upon the benefit of the parties      hereto and their respective successors and assigns; provided, however that      Committing Assignor shall not assign or sell in any manner whatsoever its      rights and obligations derived form this Agreement without the prior      written consent of Nayarit. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.8 | This      Agreement may be executed in two or more counterparts, each of which will      be deemed an original, but all of which together will constitute one and      the same instrument. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.9 | The      parties agree that this Agreement is executed in English and Spanish. In      the event of any discrepancy or conflict between those versions, the      Spanish version shall prevail. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.10  | This      Agreement is entered into by independent parties, therefore, it shall not      deemed that there is an association, corporation or joint venture between      the parties. |
|-------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.1 | For      the interpretation and enforcement of this Agreement, the parties hereby      submit to the jurisdiction of the competent courts of Tepic, Nayarit,      Mexico, waiving any other venue for reasons of present or future domiciles      or any other reason whatsoever. The parties also agree that this Agreement      is of a commercial nature and therefore, it will be governed by the      Mexican Commercial Code and the Federal Civil Code of    Mexico. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| /s/      S. Armando GuadianaTijerina |
|--------------------------------------|

| /s/      Colin Paul Sutherland |
|--------------------------------|

----

----

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| a) | It      is a mining company legally existing under the laws of Mexico, authorized      to enter into this agreement and to be the title holder of mining      concessions. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | That      its attorney-in-fact, Mr. ___________________, evidences his capacity to      act on behalf of ASSIGNOR through public instrument number __, dated      ________, granted before ___________________, notary public number __ for      ____________; and |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b) | It      is the owner of the rights of the following mining concessions      (hereinafter referred to as the “Concessions”): |
|----|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | c) | The      Concessions are in compliance with all the obligations that their owners      are committed to comply with according to the Mining Law, its Regulation      and all applicable laws. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d) | The      rights and authority of the ASSIGNOR, with respect to the Concessions,      have not been limited, revoked, and that the ASSIGNOR is in the      understanding that there is no claim from third parties with respect to      the execution of this agreement. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | e) | The      rights derived from the Concessions are free and clear from any lien,      encumbrance, interest or limitation of any kind and he has no legal      impediment to transfer the Concessions in favor of    ASSIGNEE. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| f) | He      is willing to transfer title to the Concessions to ASSIGNEE without any      limitation, free from any lien andencumbrance. |
|----|-------------------------------------------------------------------------------------------------------------------------------------|

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|   | a) | It      is a mining company legally incorporated pursuant to the laws of Mexico,      with sufficient authority to enter into this agreement and to be the owner      of mining concessions. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b) | Its      attorney-in-fact, Mr. _________________ evidences his authority to act in      favor of the ASSIGNEE through public instrument number _________, dated      ____________, granted before _____________, Public Notary Number      ____________ for ___________, ____________;and |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c) | It      wishes to acquire title to the Concessions identified in paragraph b) of      Recital I of this Agreement. |
|--------|----|--------------------------------------------------------------------------------------------------------------------|

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| THE      “ASSIGNOR”                        |   | THE      “ASSIGNEE” |
|--------------------------------------------------------|--------|---------------------------------|
|                                                   |   |                            |
|                                                   |   |                            |
| Compañía      Minera Huajicari, S.A. de C.V. |   |                            |

|             |         |   |
|------------------|--------------|--------|
| Attorney-in-fact |    |   |

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| WITNESS |   | WITNESS |
|---------|--------|---------|
|    |   |    |
|    |   |    |

----